The Dutch Authority for the Financial Markets
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The Markets in Crypto-Assets Regulation (MiCAR) will be completely into effect on December 30, 2024. With this newsletter, the AFM wants to inform the sector about important news and developments in anticipation of MiCAR supervision. Want to subscribe to the AFM MiCAR newsletter?
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We will be mostly on holiday during Christmas and New Year, so between 23 December and 5 January we cannot accommodate each request directly. As such, we recommend market participants to submit new applications or information before or after these dates. Please let us know if this raises concerns by sending an email, for example because there are high priority issues which need to be addressed. This will also mean that we will send less requests to market participants during this period. We wish everyone a good holiday period!
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Pre-scan procedure remains open in 2025 |
As we consider the pre-scan procedure to be of added value for all parties involved, we will continue this practice in 2025. However, we will slightly adjust the procedure to be more time efficient. The pre-scan conditions will remain the same, but after applying for a pre-scan the first step is that a standardised question list is sent to the applicant.
The pre-scan (online) meeting will subsequently be held based on a presentation by the applicant which answers these questions. During this presentation, any business specificities can be clarified by the applicant. The AFM will provide its feedback during this meeting where possible, with the aim of supporting the applicant in properly preparing for its CASP-licence application or CASP-notification. |
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CASP-notification: procedure update and first insights |
Based on the MiCAR legal terms we reduced the timeframe for the completeness checks regarding the CASP notification procedure. The procedure now has a timeframe of 40 working days, instead of the previously planned 60. This allows less time for an iterative process as the AFM must timely decide whether a CASP-notification is (in-)complete. If incomplete, we aim to communicate in detail what information is missing to help ensure a quality resubmission.
We’ve noticed that notifying parties overlook areas where their policies, procedures (including risk assessments and control measures), need adjustments for the provision of crypto-asset services. Additionally, further legal analysis is often required to determine if the proposed crypto-asset services qualify as equivalent services under Article 60 MiCAR. If not, a separate CASP-authorisation under Article 62 MiCAR is needed. |
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Missing or incomplete forms in licence applications and notifications |
Recently, there have been cases where we could not accept a submitted application/notification due to missing forms (e.g., Fit and Proper testing) or incomplete forms (e.g., application form). As stipulated in the application/notification form, we emphasize that the information in this form is key for our assessment. The supporting documentation should provide the underlying evidence for the MiCAR-compliance in relation to these answers.
Please ensure your answers in the application form are self-explanatory. Note that simply referring to annexes is not considered a self-explanatory answer. Additionally, if a question is not applicable to your situation, please provide an explanation. This enables us to perform an efficient assessment, leading to decreased lead time and less risk of misinterpretation. |
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Hanzo van Beusekom at the Investors Fair 2024
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In his speech, AFM board member Hanzo van Beusekom addressed both the benefits and risks of investing. He highlighted that technology is evolving rapidly, which also changes the financial markets. He pointed to developments such as cryptocurrency and the immense impact of artificial intelligence.
The reality for investors is shifting along with these trends. However, Van Beusekom emphasized that in the long term, investments yield the most when approached critically, wisely, and thoughtfully. |
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AFM publishes Trend Monitor 2025
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In the AFM Trend Monitor 2025 we analyse developments relating to the financial sector. The focus is on general trends, risks and control measures within the AFM's four supervisory areas. The report says that geopolitical developments can quickly disrupt the calm in the financial markets. The financial position of vulnerable groups also remains a concern. The emergence of cyber and concentration risks due to digitalisation, the lagging behind of the sustainability transition and increasing divergence in regulation and regulatory arbitrage require continued attention. |
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EBA and ESMA issue Guidelines for the suitability assessment |
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Joint EBA and ESMA Guidelines on the assessment of the suitability of the members of the management body of issuers of asset-referenced tokens and of crypto-assets service providers.
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The AFM is committed to promoting fair and transparent financial markets. As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.
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